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by CareyBot

Mortgage applications surged 16.4 percent last week as demand for both refinance and purchase loans registered double-digit increases, the Mortgage Bankers Association said in releasing the results of its Weekly Mortgage Applications Survey.An index measuring demand for applications to refinance was up a seasonally adjusted 18.2 percent from the week before, to its highest level since mid-May, the MBA said.Applications for purchase loans were up a seasonally adjusted 13.2 percent for the week ending Oct. 2, to their highest level since January -- but still down 2.2 percent from a year ago.Applications for government-backed purchase loans, mostly FHA, were up a seasonally adjusted 14.4 percent to their highest levels since the survey's inception in 1990.Applications to refinance accounted f...